VANCOUVER, British Columbia–(BUSINESS WIRE)–CHC Group (NYSE:HELI; the “Company”), the parent company of CHC
Helicopter, today announced that on August 28, 2015, the Company was
notified by the New York Stock Exchange (“NYSE”) that the Company is not
in compliance with the NYSE’s continued listing standards as the Company
failed to maintain an average global market capitalization greater than
$50 million over a 30 trading-day period and stockholders’ equity
greater than $50 million, each as calculated by the NYSE. The NYSE
notification has no impact on the Company’s business operations.
In accordance with NYSE procedures, the Company intends to notify the
NYSE that it will submit a plan within 45 days from receipt of the NYSE
notice that demonstrates how the Company intends to regain compliance
with the listing standards within 18 months. Upon receipt of the plan,
the NYSE has 45 days to review and determine whether the Company has
made a reasonable demonstration of its ability to come into conformity
with the relevant standards within the 18-month period. The NYSE will
either accept the plan, at which time the Company will be subject to
quarterly monitoring for compliance with this plan, or the NYSE will not
accept the plan and can commence suspension and delisting proceedings of
the Company’s ordinary shares.
As previously reported, the Company received an earlier notice from the
NYSE that the Company is not in compliance with another NYSE continued
listing standard because the average closing price of the Company’s
ordinary shares was less than $1.00 per share over a 30 trading-day
period. The Company responded to the NYSE on August 4, 2015 that it
intends to cure this non-compliance before the expiration of the six
month cure period, or January 23, 2016.
The NYSE notifications do not affect the Company’s Securities and
Exchange Commission reporting requirements. The Company’s ordinary
shares will continue to be listed and traded on the NYSE during the
applicable cure periods, subject to the Company’s compliance with the
NYSE’s other applicable continued listing standards, under the symbol
“HELI,” but will be assigned a “.BC” indicator by the NYSE to signify
that the Company is below compliance with the NYSE’s continued listing
standards. In the event that the Company fails to regain compliance with
the continued listing standards by the expiration of the applicable cure
period, or the NYSE determines the Company has not made sufficient
progress consistent with its plan, the NYSE will commence suspension and
delisting procedures with respect to the Company’s ordinary shares.
ABOUT CHC
CHC Helicopter is a leader in enabling customers to go further, do more
and come home safely, including oil and gas companies, government
search-and-rescue agencies and organizations requiring helicopter
maintenance, repair and overhaul services through the Heli-One segment.
The company has a fleet of more than 230 aircraft and operates in more
than 20 countries around the world.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements and information
within the meaning of certain securities laws, including the “safe
harbor” provision of the United States Private Securities Litigation
Reform Act of 1995, the United States Securities Act of 1933, as
amended, the United States Securities Exchange Act of 1934, as amended
and other applicable securities legislation. All statements, other than
statements of historical fact included in this press release regarding
our strategy, future operations, projections, conclusions, forecasts and
other statements are “forward-looking statements”. While these
forward-looking statements represent our best current judgment, actual
results could differ materially from the conclusions, forecasts or
projections contained in the forward-looking statements. Certain
material factors or assumptions were applied in drawing a conclusion or
making a forecast or projection in the forward-looking information
contained herein. Such factors include: volatility in the oil and gas
sector generally, and the potential impact of such volatility on
offshore exploration and production, particularly on demand for offshore
transportation services, competition in the markets we serve, our
ability to secure and maintain long-term support contracts, our ability
to maintain standards of acceptable safety performance, exchange rate
fluctuations, political, economic, and regulatory uncertainty, problems
with our non-wholly owned entities, including potential conflicts with
the other owners of such entities, exposure to credit risks, our ability
to continue funding our working capital requirements, our ability to
remain in compliance with the New York Stock Exchange listing standards,
risks inherent in the operation of helicopters, unanticipated costs or
cost increases associated with our business operations, trade industry
exposure, inflation, ability to continue maintaining government issued
licenses, necessary aircraft or insurance, loss of key personnel, work
stoppages due to labor disputes, and future material acquisitions or
dispositions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual
outcomes may vary materially from those indicated. CHC disclaims any
intentions or obligations to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. Please refer to our annual report on Form 10-K and quarterly
reports on Form 10-Q, and our other filings, in particular any
discussion of risk factors or forward-looking statements, which are
filed with the SEC and available free of charge at the SEC’s website
(www.sec.gov), for a full discussion of the risks and other factors that
may impact any estimates or forward-looking statements made herein.